888 Holdings reported record $560.3m revenue growth for 2019

17 Apr 2020

888888 Holdings PLC has announced a 6% year-on-year increase in revenue to a record high of $560.3m for 2019. According to its financial results for the year ended 31 December 2019, revenue from the regulated and tax markets stood for 74% at $414.6m.

It is worth noting that the majority of its revenue, totalling $530.5m, derived from B2C operations, including $359.3m from B2C casino which constitutes a 13% rise. Sports betting also went up, 12% to $90m, thanks to 888sport. On the other hand, B2B revenue went down 41% to $29.8m.

It is also worth noting that the company’s EBITDA dropped 14% to $92.1m, whilst the adjusted profit before tax went down to $53.2m; a decline of 39%. Nevertheless, player acquisition rose 22% to over a million new players for the year. The UK was the best-performing market of the firm, as it brought $204.1m of revenue; an increase of 20% compared to 2018 figures.

The CEO of 888 Holdings, Itai Pazner, stated that in spite of the difficulties caused by the increased gaming duties and the challenging conditions in some of their global markets; they managed to deliver a resilient financial performance during 2019, thanks to the combination of technology, compliance and diversification across their regulated markets.

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Although 888 originally started as a casino & poker operator, in 2008 they brought their sportsbook to the spotlight and since then they keep improving their offering. 888sport has a clear white markets strategy. They now have licenses in the US, Spain, Italy, Sweden and in the UK among others. Although I don't usually comment on UX, design and gamification are amazing. Just 2 clicks are enough to place your live bet, up to 4 are needed for a pre-match wager, while features like Build a Bet, Instant Betting and Market Maker, enhance the betting experience. I love the variety of markets and the intriguing live betting section, which comes with an HD streaming service. The same goes for the variety of payment systems. On the other hand, while their odds are on most occasions around the average rate of what other books offer, they still need improvement on the secondary leagues/bets and on Asian lines. Also, the low limits on withdrawals need to be changed asap. Nonetheless, 888sport ranking is high among the punters and for sure is a sportsbook worth to be trusted and followed.

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